GAMMA · 0DTE · FUNNEL
Brent Kochuba
SpotGamma. Dealer positioning, gamma levels, 0DTE, OPEX dynamics. Direction public; full levels often paywalled.
Catch-Up
Near-term market mechanics remain supportive: compressed $SPY volatility and persistent negative gamma are seen lifting the index into next week, with 7,900–8,000 the area in focus. The caveat is that unusually cheap short-dated volatility sits alongside firmer longer-dated demand ahead of Jackson Hole, leaving next week’s expiration as a potential release point for volatility.
A daily catch-up of talking heads, in fifteen minutes.
Current Views
Brent Kochuba GAMMA · 0DTE · FUNNELVIX term structure is steep as short-dated pre-Jackson Hole volatility is compressed while longer-dated volatility remains bid, with next week’s expiration potentially releasing volatility.
Brent Kochuba GAMMA · 0DTE · FUNNELSPY implied volatility and put demand are unlikely to matter for at least another four to five sessions despite exceptionally low IV and elevated call skew.
Brent Kochuba GAMMA · 0DTE · FUNNELSPX is being lifted by crushed volatility through persistent negative gamma into next week, with the 7,900 to 8,000 area in focus.
Brent Kochuba GAMMA · 0DTE · FUNNELSPX volatility is being crushed by Monday implied volatility near 7%, while next week’s OPEX offers the first opportunity for volatility to re-bid.
Wordcloud
Direction By Day
| 01 AUG | 02 AUG | 03 AUG | 04 AUG | 05 AUG | 06 AUG | 07 AUG | 08 AUG | 09 AUG | 10 AUG | 11 AUG | 12 AUG | 13 AUG | 14 AUG | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Positioning & Vol | · | · | · | · | · | · | · | · | · | · | · | · | · | ▲ |
| SPY | · | · | · | · | · | · | · | · | · | · | · | · | · | ▲ |
Sentiment Heatmap
| 01 AUG | 02 AUG | 03 AUG | 04 AUG | 05 AUG | 06 AUG | 07 AUG | 08 AUG | 09 AUG | 10 AUG | 11 AUG | 12 AUG | 13 AUG | 14 AUG | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Positioning & Vol | · | · | · | · | · | · | · | · | · | · | · | · | · | ▲ |
| SPY | · | · | · | · | · | · | · | · | · | · | · | · | · | ▲ |
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